Thousands of retirees under the African Alliance insurance annuity scheme will undergo a fresh verification as Leadway Assurance Company Limited begins validating annuitants’ records following the transfer of the insurer’s annuity portfolio.
The exercise, which marks the first phase of the transition, aims to validate annuitants’ records to ensure the seamless continuation of benefit payments and protect the welfare of retirees who depend on annuity income for their post-employment livelihood.
Industry stakeholders who spoke on the development said the move reflects heightened regulatory vigilance by the National Insurance Commission (NAICOM) to safeguard policyholders and prevent disruptions in annuity payments, particularly at a time of rising cost of living and growing scrutiny of long-term insurance liabilities.
Leadway said the verification process would enable accurate identification of annuitants, update their records and establish a reliable payment framework under the Leadway brand, ensuring continuity without disruption.
Speaking on the development, Executive Director, Technical and Operations at Leadway Assurance, Olufunmilayo Amanwa, said the exercise was beyond administrative requirements as it was meant to address the financial security and dignity of retirees.
“The verification of annuitants is more than just a process; it demonstrates our commitment to retirees. We want to ensure that their years of service and contributions are rewarded with financial certainty and dignity.”
The transfer of African Alliance’s annuity portfolio followed NAICOM’s intervention, including the appointment of an interim management team, as part of efforts to resolve outstanding annuity obligations.
Industry observers said the decision to move the portfolio to a stronger underwriter underscores the regulator’s use of portfolio transfers to stabilise weak institutions and protect policyholders.
Insurance market observers also note that the development comes as insurers face heightened expectations ahead of the 2026 recapitalisation deadline, with long-term products such as annuities increasingly viewed as a test of financial strength, governance and operational capacity.
With annuity assets forming a critical pillar of retirement income planning, stakeholders believe the successful integration of African Alliance annuitants into Leadway’s system could help rebuild trust in income-based retirement products and support broader market growth.
Leadway urged all African Alliance annuitants to participate in the verification exercise to ensure uninterrupted payment of benefits. Annuities can complete the process by contacting the company via its dedicated customer support line.
